Magneto has been dead a little more than a year in real time, and that’s a long time for a major character like that–one who is a defining part of comics’ most popular franchise. So bringing him back is an event.
This issue is a deep dive into his origin and backstory (I’m not tagging all the people who show up in flashback scenes because it is recap–nothing new), while politicians debate how to handle his return. Lots of the information is stuff we as readers already knew, but it’s nicely packaged.
We also see a check-in with the Brotherhood, who get a visit from Exodus.
He tries to recruit Phantazia for the Acolytes, now that Magneto is back.
This is a good use of an Unlimited issue. It doesn’t have major plotpoints for the main X-books, but is more than just a filler story or old inventory scripts.